168: How to Prepare for a Recession in 2024
41:33 Share

A recession) isn’t off the table for 2024, so you’ll need to know **how to prepare for a recession **and profit if the economy starts to slide. If your real estate values fall, your tenants stop paying rent, or you lose your job, how will you ensure you keep your properties? Those who can **survive the bad times **often thrive in the good—so what should you do to prepare?

Today, our expert panel gives four suggestions ANY investor can take to** make it through a recession unscathed**. All of these suggestions are being put into practice NOW by our panel of experts. They’re not complicated, and acting on even a few of them could save you tens of thousands (or an entire property) if and when a recession finally does hit.

From cutting costs) to **keeping cash **on hand, investing differently, and **building a "backup" **for buying properties, these tactics will enable you to scoop up the deals that inexperienced investors couldn’t hold onto!

In This Episode We Cover:

How to prepare for a recession (and profit!) in 2024 

Emergency reserves) and how much you should have in the bank NOW

Quick ways to cut costs so your business can easily survive downturns

Accessing “backup” debt that’ll help you close on deals as banks tighten up credit)

Looking outside of real estate for returns and how the experts are diversifying)** **

Why **you MUST keep some “liquid” assets **on you during a recession 

And So Much More!

Links from the Show

Find an Agent)

Find a Lender)

BiggerPockets Forums)

BiggerPockets Agent)

BiggerPockets Bootcamps)

Join BiggerPockets for FREE)

On The Market)

Join the Future of Real Estate Investing with Fundrise)

Connect with Other Investors in the “On The Market” Forums)

Subscribe to The “On The Market” YouTube Channel)

Dave's BiggerPockets Profile)

Dave's Instagram)

Henry's BiggerPockets Profile)

Henry's Instagram)

James' BiggerPockets Profile)

James' Instagram)

Kathy's BiggerPockets Profile)

Kathy's Instagram)

How to Prepare for a Recession (and Profit!) in 2022)

Soft Landing or Hard Recession? How to Build Wealth in Both)

Books Mentioned in the Show

Recession-Proof Real Estate Investing) by J Scott

Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-168

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]).

Learn more about your ad choices. Visit megaphone.fm/adchoices)